Co-operative Bank of Kenya posted net profit up 18.9 percent to 12 billion shillings (107 million USD) in the first nine months of the year, according to quarterly results released by the Kenyan bank. This performance is due to an increase in interest and non-interest income.
At the end of the third quarter, the bank’s net income stood at 11.6 billion shillings (104 million USD), compared to 9.7 billion shillings (87 million USD) a year earlier. In terms of total interest income, it rose 21.5 percent to 39.5 billion shillings (353 million USD) as the banking institution expanded its loan portfolio and investments in government debt securities.
For its part, loans to customers increased 7.7% to 306.3 billion shillings (2.7 billion USD) while investments in treasury bills increased 55.5% to 193.3 billion. of shilling (1.7 billion USD). The deposit base increased 11.9% to 420.4 billion shillings (US $ 3.7 billion), causing interest charges to increase 22.3% to 10.9 billion shillings (US $ 97 million). ).
Operating expenses increased 19.2% to 27.9 billion shillings (249 million USD).
In addition, Kingdom Bank, a subsidiary of Co-operative Bank, performed well during the period under review. Thus, the bank recorded a net profit of 413.1 million shillings (4 million USD) contributing to the consolidated profits of Co-op Bank. This marks a rapid recovery for the subsidiary which was previously marketed under the name of Jamii Bora Bank.
As a reminder, Co-op Bank acquired in August 2020, a 90% stake in Jamii Bora putting an end to its losses over several years.
